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Biglari Holdings Inc. BH Insurance Underwriting — Insurance losses

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Other financials

Income statement

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Revenue$108.5M+7.9%
Gross profit$67.4M+11.3%
Net income$39.9M-21.6%
EPS (diluted)$31.63-18.7%

Balance sheet

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Cash & equivalents$68.4M+109%
Total debt$289.3M+577%
Total equity$543.8M-7.7%
Total assets$1.1B+22.6%

Cash flow

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Operating cash flow$14.9M-64.5%
CapEx$6.7M+146%
Free cash flow$8.3M-79.0%

Valuation

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Market cap$1.21B+42.1%
Enterprise value$1.43B+66.0%
P/S+0.7×

Profitability

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Gross margin60%-0.2pp
Net margin-7.3%-17.8pp
FCF margin12.4%-4.2pp

Returns & leverage

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Return on equity-5.3%-12.1pp
Debt / equity0.5×+0.5×
Current ratio2.4×+1.1×

Where this comes from

Reported directly by Biglari Holdings Inc. in its filing.

Tagged under the XBRL concept us-gaap:LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1.

The source filing: Biglari Holdings Inc.’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:14 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-054841
Line itemJune 30,2026June 30,2025
Incurred losses and loss adjustment expenses:
Current accident year23,33823,594
Prior accident years(2,833)872
Total20,50524,466
Paid losses and loss adjustment expenses:
Current accident year15,70818,663
Prior accident years4,0045,850
Total19,71224,513

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Biglari Holdings Inc.'s insurance underwriting — insurance losses?
Biglari Holdings Inc. (BH) reported insurance underwriting — insurance losses of $10.55M in Q2 2026.
How has Biglari Holdings Inc.'s insurance underwriting — insurance losses changed year-over-year?
Biglari Holdings Inc.'s insurance underwriting — insurance losses decreased by 9.6% year-over-year, from $11.67M to $10.55M.
What is the long-term trend for Biglari Holdings Inc.'s insurance underwriting — insurance losses?
Over 3 years (2022 to 2025), Biglari Holdings Inc.'s insurance underwriting — insurance losses has grown at a 5.1% compound annual growth rate (CAGR), from $37.19M to $43.14M.
What does insurance underwriting — insurance losses mean?
This metric measures the total claims paid or reserved for by the insurance segment during the reporting period. It serves as a primary indicator of underwriting risk and the accuracy of actuarial pricing models.

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